Iberdrola closes 2025 with a record profit of €6.285 billion

BarcelonaIberdrola, the electricity company, posted record profits of €6.285 billion in 2025, a 12% increase compared to the €5.612 billion of the previous year, driven by investments of €14.460 billion during the year, the company reported on Wednesday. Excluding the capital gain from the sale of smart meters in the UK (€379 million) and the recognition of past costs in the US (€389 million), but including negative adjustments of €465 million in the renewable generation and customer business, adjusted net profit was €6.231 billion, a 10.5% increase.

Revenue reached €45,546.8 million in 2025, a 1.8% increase compared to 2024. Reported EBITDA stood at €16,592.4 million, a 1.5% decrease. Adjusted EBITDA from Networks grew by 21% thanks to a larger regulated asset base, the consolidation of the UK's ENW, and positive adjustments to regulatory frameworks in the United States and Brazil, in addition to the greater contribution from the Iberian Peninsula.

Meanwhile, the contribution from the Renewable Generation and Customers business fell by 10%, as the increased installed capacity and higher production, with offshore wind increasing by 39%, did not offset lower prices in Spain and the United Kingdom.

Regarding investments, these totaled €14.46 billion, including the acquisition of Previo's 30.3% stake from Neoenergía for €1.897 billion. Of this total investment, two-thirds corresponded to the Networks business, reaching €8.975 billion, and the regulated asset base increased by 12% to almost €51 billion.

Meanwhile, investments in the renewable energy business amounted to €5.26 billion, with the installation of more than 2,700 megawatts (MW) of renewable energy capacity in the last twelve months. In addition, the group has 4,679 MW already under construction and an additional 9,000 MW pipeline ready for completion by 2028. The group's adjusted net financial debt stood at €50,182 million at the end of 2025, a reduction of almost €1,500 million compared to the previous year. Cash flow generation grew to €12,811 million, an increase of 8.2%.

US and UK, the future engines

Iberdrola's Chairman, Ignacio Sánchez Galán, highlighted that 2025 was "a record year" for the company, "with more investment than ever before in distribution and transmission network infrastructure in the United States and the United Kingdom, which will be the main drivers of growth in the coming years." He also emphasized that the energy company has been explaining for 25 years that electrical infrastructure would be "essential" to meet growing demand. "Our strategy of geographic diversification, access to financing and technology, and a track record of successful execution are and will continue to be the best guarantee for long-term growth in results and dividends," he said. Regarding the dividend, the energy company is progressing at the same pace as its record profits and will allocate a total of €4.5 billion to shareholder payouts, a 12% increase. In this way, the company will distribute 0.68 euros per share from the 2025 results.